AIICO Insurance Plc says it paid N68.1bn in claims and benefits in 2025 and currently provides regular retirement income to more than 28,000 annuitants nationwide.
The insurer disclosed this at its 2026 Annuitants Forum, where it reaffirmed its commitment to supporting retirees’ financial security and wellbeing beyond their years of active employment.
The event, themed “Still More to Live: Embracing Life Beyond Retirement,” brought together annuitants, company executives and staff to discuss retirement planning, financial stability and life after formal employment.
The forum also enabled the company to engage directly with retirees, hear their experiences and obtain feedback to improve its services.
Speaking at the event, AIICO’s Executive Director, Retail Business Division, Gbenga Ilori, said the company’s responsibility to annuitants extended beyond the payment of retirement benefits.
He described AIICO as a long-term partner committed to maintaining relationships with customers throughout their retirement years.
“At AIICO, we are much more than a company. We are a companion to our clients. We want to remain connected to you, listen to your experiences, hear your feedback and understand how we can serve you better,” Ilori said.
The company said the forum reflected its approach to customer engagement, which it described as extending beyond financial transactions to include continued communication and support.
In his opening address, AIICO’s Managing Director and Chief Executive Officer, Babatunde Fajemirokun, described retirement as the beginning of a new phase of life rather than the end of meaningful activity.
“Retirement is not the closing chapter of our story. It is a new chapter, one with fewer deadlines and more freedom, fewer obligations and more opportunity,” he said.
Fajemirokun highlighted the role annuity payments play in helping retirees and their families meet essential expenses, including housing, healthcare and education.
“We understand that your annuity is not simply a payment. It might be rent, it might be medication, it might be grandchildren’s school fees, your contributions to your community, and your peace of mind. We do not take that lightly,” he said.
AIICO said it pays approximately N2.1bn in annuity benefits monthly, representing about N25bn over the preceding 12 months.
Participants also shared their experiences and sought clarification on issues relating to retirement income.
A retiree of the Nigerian Postal Authority, Josephine Igbinedion, commended the insurer for its payment process and customer support, saying payments were made promptly and assistance was available when needed.
Dimeji Shoji, who recently switched from programmed withdrawal to an annuity and attended the forum for the first time, said the explanations provided by Fajemirokun helped address some of his concerns about inflation.
Beyond financial security, Fajemirokun urged retirees to prioritise their health, maintain relationships with family and friends, continue learning and pass their knowledge and experience on to younger generations.
The company said the annual forum forms part of its broader effort to maintain engagement with annuitants and support them in leading financially secure, healthy and fulfilling lives after retirement.
